The Gold Report

Orezone Gold Corporation TICKER: ORE:TSX Orezone Gold Corporation is a gold exploration company whose 100%-owned Bomboré gold project has world-class potential. Situated 85km east of the capital of Burkina Faso and adjacent to a highway, Bomboré has 1.6 Moz Indicated and 1.9 Moz Inferred resources constrained within optimized open-pit shells that span 11 km and have an average drill depth of only 60m. A 170,000m drill program to significantly expand resources and support the completion of feasibility studies in 2012 is consistently demonstrating higher grades and improved continuity. Click here to listen to ORE's webcast from the Precious Metals Summit

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Dan Hrushewsky, Jennings Capital (5/6/13) "We are initiating coverage on Orezone Gold Corporation, which has the largest oxide resource in West Africa. . .oxides mean low mining and processing costs. . .multiple pits allow operating flexibility, potential to downsize and operational risk diversification. . .the sensitivity of Orezone's target price to changes in gold price is one of the highest in our coverage universe (for a 10% gold price increase, Orezone's target price increases by 33%). . .management has 15 years of experience in exploration, development and mine construction in Burkina Faso, having developed and constructed, to 25% of completion, the Essakane mine."

Stuart McDougall, Casimir Capital (5/1/13) "Orezone Gold Corporation released what we view as a positive resource update for its flagship Bomboré gold project in Burkina Faso. Based on a gold price of $1,400/oz, Measured and Indicated resources now stand at 139.8 Mmt grading 1.01 g/t gold, containing 4.56 Moz gold, or 10% more than the August 2012 estimate. . .the updated resource incorporates an additional 67,023m of drilling completed since the August 2012 estimate, and will form the basis for the ongoing feasibility study, which remains on track for completion in H2/13. . .we reiterate our Speculative Buy recommendation and target price of CA$3/share."

Jeff Killeen, CIBC World Markets (5/1/13) "Orezone Gold Corporation released an updated resource for its Bomboré project in Burkina Faso. . .resources increased to a total of ~5.3 Moz gold from ~5.1 Moz previously. Measured and Indicated resources represent a total of 4.56 Moz with a weighted average grade of ~1 g/t. . .we are encouraged that resources continue to show consistency in being upgraded to higher confidence categories; about a 10% increase in M&I ounces will provide a larger resource base for the upcoming feasibility study, improving overall project economics on paper."

Adam Melnyk, Desjardins Securities (4/29/13) "Orezone Gold Corporation released an updated resource for its 100%-owned Bomboré project. . .at a $1,400/oz gold price assumption and a 0.45 g/t cutoff (unchanged), oxide and transitional global resources have increased by 7% to 2.2 Moz Au. . .we view the Bomboré resource update as a positive development that should have a positive impact on project economics early in the mine life."

Nicholas Campbell, Canaccord Genuity (3/31/13) "The feasibility study for Orezone Gold Corporation's Bomboré is advancing on schedule (H2/13E). . .a resource update for the Bomboré project is expected in April 2013, which is expected to incorporate an additional 68,400m of drilling. . .the company's progress update continues to show the potential to significantly improve the economics of the Bomboré project by focusing on the oxide/transition material to reduce capex and operating expense for the project, potentially piquing the interest of larger-cap suitors."

Orezone Gold Corporation Content

• Click Here to View Orezone's Investor Briefcase (presentation, fact sheet and more)

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